Iris Energy (NASDAQ:IREN) Shares Gap Down – Here’s What Happened

Iris Energy Limited (NASDAQ:IREN)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $12.75, but opened at $12.12. Iris Energy shares last traded at $12.22, with a volume of 4,883,711 shares traded.

Analyst Ratings Changes

Several research firms have weighed in on IREN. Needham & Company LLC began coverage on shares of Iris Energy in a research note on Wednesday, September 4th. They issued a “hold” rating for the company. HC Wainwright dropped their target price on Iris Energy from $15.00 to $13.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Roth Capital upgraded Iris Energy to a “strong-buy” rating in a research report on Tuesday, October 1st. Canaccord Genuity Group reiterated a “buy” rating and issued a $15.00 price objective on shares of Iris Energy in a research report on Thursday, August 29th. Finally, B. Riley dropped their price objective on Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a research note on Friday, September 13th. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $15.44.

Iris Energy Price Performance

The stock has a 50-day moving average price of $8.80 and a two-hundred day moving average price of $9.09.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. D1 Capital Partners L.P. bought a new position in Iris Energy in the second quarter worth about $17,319,000. Hood River Capital Management LLC purchased a new position in shares of Iris Energy in the 2nd quarter valued at approximately $13,618,000. Marshall Wace LLP boosted its position in shares of Iris Energy by 33.6% during the second quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock valued at $43,035,000 after purchasing an additional 958,494 shares in the last quarter. Bank of Montreal Can purchased a new stake in Iris Energy in the second quarter worth $9,969,000. Finally, Vident Advisory LLC lifted its position in Iris Energy by 58.0% during the first quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock valued at $10,557,000 after buying an additional 717,843 shares during the period. 41.08% of the stock is currently owned by institutional investors.

About Iris Energy

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.